UCO Bank ($UCOBANK)

Well, good afternoon, everyone, and welcome to the UCO Bank Q4 FY '26 Earnings Conference Call. Today from the management side, we have with us Mr. Ashwani Kumar, MD and CEO, sir; Mr. Rajendra Kumar Saboo, ED; and Mr. Vijay Kamble, Executive Director. With this, I hand over the call to MD, sir, for his opening remarks, post which, we will have a Q&A session. Thank you, and over to you, sir.

Thank you. A very warm welcome to all the analysts and investors to this post results conference call for the financial year 2025-'26. Am I audible?

Yes, sir, you able. Please go ahead.

Thank you. So I have with me our Executive Director, Mr. Saboo and Mr. Kamble, and also our CRO, CFO, all other top management team is with me. So thank you for joining the conference call once again. I'll just give you the brief about the overall performance of the bank for the last quarter and the full financial year. Our business grew by 14.95% on a Y-o-Y basis. And the grow advances grew by 19.44% on a Y-o-Y basis, and deposits grew by 11.59% basis. Within deposits, our CASA growth was around 12.46%, which -- savings grew 11.78%, and current accounts registered a growth of 16.77%. Our CASA ratio was maintained above 38. Our guidance was 37 to 38. CASA was 38.65, improved by 75 bps over last year. And within the advances, our RAM segment grew by 24% plus and in the RAM segment. Retail advances grew by 26% as agricultural advances grew by 26% and MSME advances grew by 19%. Within the retail, housing loan grew by around 19% and car loan growth was around 71%. Coming to asset quality. Our asset quality gross NPA improved to 2.17%. There is a 52 bps reduction over last year. Net NPA was brought down to [ 0.27% ]. There is 23 bps reduction over last year. ECR improved to 97.79%, 110 bps improvement over last year. Excluding TWO, PCR improved to 87.66%, 571 bps over last year. And coming to profitability. Our operating profit for the full year was INR 6,429 crores. That is a growth of 6.49%, and full year profit was INR 2,768 crores, with a growth of 13.21% on a Y-o-Y basis. Net profit for the quarter ended was INR 801 crores with a growth of 22% on a Y-o-Y basis. Now coming to the guidance versus actual achievement. Our deposit growth guidance was 10% to 12%. Achievement is 11.59%. Credit growth guidance was 12% to 14%, and our actual achievement is 19.44%. CASA percentage was 37% to 38%, actually 38.65%. RAM percentage, we targeted 61% to 63%, actually 65%. CD ratio of our target was 75% to 77%. We achieved CD ratio of 80.21%. Credit cost guidance was less than 1%. It is 0.62%. NIM global, we have given a guidance of 2.8% to 2.9%. Actual NIM is 3.03% for the global, and for domestic, it is 3.23%. Gross NPA guidance was less than 2.5%. Actual NPA is 2.17%. Net NPA business was less than 0.35%, actually 0.27%. CDP ratio guidance was 1% to 1.25%. Actually, net slippage ratio, 8.78%. Total recovery and operation guidance was INR 2,200 crores to INR 2,700 crores, actually INR 2,944 crores. Now coming to the guidance for the current year. Deposit, we have kept the guidance in the same way, 10% to 12%; credit, 12% to 14%; CASA, again, 37% to 38%; RAM, we have improved our guidance to 62% to 65%; CD ratio, 80% to 82%; credit cost, less than 0.75%; NIM Global, in the range of 2.8 to 2.9; gross NPL, less than 2%; net NPL, less than 0.2%; slippage ratio, less than 1%; and recovery in operation in the range of INR 2,000 to INR 2,500 crores. Now coming to the other parameters, our cost-to-income ratio, which was which has improved by 581 bps over last year, it is now 52.66%. Our fee-based income grew by 32% on a Y-o-Y basis to INR 516 crores against INR 389 crores. Our capital adequacy ratio, that has improved to 18.61% with Tier 1 capital of 16.59%. Board has approved the declaration of dividend at the rate of 4.40%, that is 44 [ pesa ] per equity share subject to approval of the shareholders in the ensuing Annual General Meeting, which works out to be a dividend payout of 20% proximity. Business per employee of the bank has improved to INR 28 crores as against INR 24 crores a year back. And business per branch has also improved to INR 173 crores as against INR 155 crores a year back. Provisional coverage ratio also improved to 98%. We have a total number of 3,412 branches and 2 overseas branches in Hong Kong and Singapore and 1 representative office in Iran. So 110 branches have been opened in the last [indiscernible] years. 61% of the domestic branches are spread in rural and semi [indiscernible] areas. Now let me talk about the initiatives which we had earlier talked and where we do stand and what are the further initiatives which we are planning. The initiatives which we earlier -- last year spoke, which have been completed is the CBDC that is now available in both iOS Android forms. Performance management solution has also been completed. Learning and Development Center of Excellence has been completed. Project Parivartan we initiated last year, and that project Parivartan, where we are focusing on the digital transformation and digital business, has come a long way. Until now 31 journeys have been completed and our total -- this digital business across asset and liability has crossed INR 25,000 crores in -- last year. Mobile banking users have also increased 5x in -- from INR 82 lakh to INR 153 lakh in 3 years, whereas the activation -- active mobile users have increased from INR 14 lakh to [ INR 70 lakhs ] in 3 years. So the active mobile users, vis a vis registered mobile user percentage was 17% 3 years back, now it has improved to 46%. We started Tab Banking with the -- across the branches. So all branches have been given Tab. In this last financial years, more than 10 lakh accounts have been opened through Tab Banking. Percentage of accounts opened through Tab Banking. Without -- excluding BSBD and PMD, we accounted 66% accounts are open to the Tab Banking. We launched WhatsApp Banking also. So now, more than 20 lakh customers are onboarded on the WhatsApp Banking channel, and 49 services in 14 languages are available in our WhatsApp Banking. Many new features have been launched in our call center and in our mobile app in the last financial year. New treasury solution, [ Neurax ] solution has also been -- implementation has been completed. Data center consolidation, we started last year, that has also been done in Kolkata. We have started new account monitoring through UCO vigil plus under transaction monitoring vertical. Our API gateway has been -- has started now. Automation of ALM, PPN has also been completed. Plot -- application performance monitoring system has also been implemented. Feedback mechanism system to watch and improve customer service was implemented and that has also started working. Now we are getting real-time feedback from our customer through SMS, through QR code and through website and our WhatsApp Banking channel. We have already integrated new [indiscernible] IPC. And another initiatives which are planned now for this current financial is, one is omnichannel; second is cash management services; third is supply chain, [indiscernible], robotic process automation, digital marketing solution, ForEx card and prepaid card solution, document management system that is already going on now, it will be completed this year. eNote facility to remove the paper from the system, identity asset management for cybersecurity, centralized log management system. Now we have planned to convert our call center, which we implemented 2 years back to call center as a profit center that Project Parivartan Phase 2 has been launched. Centralized monitoring and -- system has been implemented for the credit loan sanctioned through ED cam portal transaction -- sorry, transformation management vertical has been set up with a wider scope, and it will be added by GM level now. In WhatsApp Banking, additional services will be implemented. Cybersecurity vault near DR at Kolkata another pipeline. CASA back office and centralized ForEx processing center is another project which we are aiming now. So all these are getting implemented now in this year, planning year -- this year. With regard to IT budget, last year, we have kept a budget of around [ INR 1,100 crores ], around INR 900 crores has been spent. And this year, also more than INR 1,000 crores budget has been approved by the Board for the current financial year. The spend for the last 3 years is around -- in '23, '24, it was INR [ 5 6 76 ] crores, in '24, '25, it was INR 642 crores and '25, '26, it is INR 899 crores. So every year, we are increasing the spend also to bring more and more advanced technologies into the system. So this is all about the overall performance of the bank, and now we are open for the question-and-answer session. Over to you.

[Operator Instructions] We have first question from the line of Ashok Ajmera.

Can you hear me, sir?

Yes. Yes, please. Yes, please, Ajmeraji.

Sir, compliment to you and the entire team for fantastic results. In fact, you surpassed on almost every parameter. And the kind of growth which you have given, especially in the credit growth, is phenomenal, 19.44%. And even in this quarter itself, it is almost about, I think, 8%, the credit growth. Overall, business growth is also good. Deposit growth is also good. And everything is beyond the target, you've achieved those results. But sir, what I see, basically that if I look at the guidance given for '26, '27, sir, it seems that either some geopolitical situation is there in your mind. Are the impact of this West Asia war, maybe going forward, you are anticipating that you may not have the kind of the growth, which otherwise you could have achieved. So my first point -- first question is on that only, sir, that I want to hear your views on this current situation. And going forward, how the bank is taking it? Like in the first quarter, will there be a some major impact you are expecting? Though, if I look at the SMA numbers, in fact, your SMA 2 of the high -- of the last quarter is, some part of it is shifted to SMA-1. So there's a better thing to happen. But the SMA 1 has gone up from INR 260 to INR 651 crores. Overall SMA numbers are under control. So have you already started seeing some kind of stress, especially small businesses and MSME who do not have the deeper pockets due to this West Asia war and the other geopolitical situation. Or how do you plan to deal with it, sir?

So thank you, Ajmeraji. First, let me talk about guidance, which -- you have apprehended that because of this West Asia crisis, probably we have toned down the guidance. Let me make it very clear that if you look at our guidance for the last 3 years, our guidance is in this range only, and our achievement has always been surpassing the guidance. So last year also, our guidance was 12% to 14% of credit growth. This year also 12% to 14%. And next year also, we are applying 12% to 40% guidance we have given. If you look at our achievement over the last 3 financial years, for 2023, '24, our credit growth was around 16%. '24, '25, our credit growth was around 17.72%. And this year, our credit growth is 19.44%. So the guidance was 12% to 14% over 3 years, but achievement was much more than the guidance. So similarly, guidance continues to be in the same range, looking at all scenarios. But I'm sure the way we have rebuilt the organization, we will be surpassing the guidance with a good number in this financial year also, not only in credit, but in other parameters also. Because if you look at our NIM also, if you look at our credit cost also, our slippage control also, which used to be 1.7%, 1.75% 3 years back, now it has come down to less than 1%. And now we have toned down our guidance from 1.1% to 1.25% previous year to 1% -- less than 1% this year. Accordingly, net NPA, gross NPA guidance has been toned down. So there is no such thing that because of this temporary crisis, we have shifted our guidance downwards, number one. Number two, coming to the -- any impact of the current situation. Please, I would like to ask -- request you to look at our SME numbers also. Consistently, our SMA numbers are under control. And you know that every quarter, we declared our SME numbers more than INR 1 crore. Generally, there is a tendency of declaring more than 5 crore, but we declared more than INR 1 crore. More than 1 crore SMA numbers, including 01 2 put together is 0.45% of standard advantage. So over SMA-2 is less and SMA 1 is higher. I just wanted to request you to -- because this is -- this financial year, February month impact is there. Every financial year, February month is -- so SMA-2 is 60 days. But here in February, 28 days and January -- March is 31 days. So 15. So certain accounts, which could happen in SMA-2 are figuring in SMA-1. So it's not that SMA-1 has jumped like that from somewhere else. But overall SMA remains the same, only bucket shifting is there. So maybe next month, we'll have slightly higher SMA-2 and lower SMA-1. So that transition will continue this financial year because of the 28th -- February 28 days, that SMA-2 number is slightly low. SMA-1 is high because of 15 days impact. So this is about whatever you've asked.

Sir, one phenomena which we are seeing in some of the other banks is that whenever they are the good profit or the condition is better, the results are better, we have started providing some amount on this standard asset only extra more than the [indiscernible]. So in our bank, here, I don't -- I think the provision has rather has gone down. So are you not anticipating any kind of those unexpected kind of the ECL or other impact? Or even in case of the wage also, I see that the wages, I mean the salary has gone down. I mean employee cost has gone down to INR 182 crores as compared to INR 278 crore in the last quarter. So whether the revised -- that labor code or anything is not impacting you? How are you dealing with those unexpected unforeseen circumstances without creating some kind of buffer? Or do you have any buffer already?

Ajmeraji, last quarter, I think we have declared that a total of INR 720 crores ECL provision last quarter. And this quarter, we have made a provision of INR 1,038 crores. So ECL provision held as on this quarter is INR 1,038 crores plus INR 341 crores contingency provision is also made. So if we take both of them together, it's more than INR 1,400 crores is already available towards ECL. Along with that, during COVID times, we made INR 530 crores of provision for COVID-19 provision. So that is also available. So all 3 put together, today, we are holding around INR 1,900 crores of additional provision as a buffer towards our ECL framework, which may trigger that time when we have to shift to that. So INR 1,900 crores of buffer is there. Now coming to the wage part. See, last year, we made an additional provision of INR 260-odd crores towards our PLI the previous financial year. And whereas the actual payment is around INR 100-odd crore only this year. So we are still carrying INR 160-odd crores of provision for the next financial year. So -- last year, we made additional provision, which we are not required to make this year. So on that account, that -- our wage -- or the implied cost is slightly down because previous year, INR 250 crores of additional provision was made because on PLI factor, which has being talked about for -- and asked PLI to scale 4 and above employees, which could not be paid this year because of certain reasons. Now maybe next year, it will be paid. So we have not reversed that provision. We have continued the remaining provision of INR 160-odd crores in this financial year.

Sir, this -- you already got the Board approval for the QIP. But what are the plans in the immediate future? With this present share price, I mean the market somehow is not -- may not be understanding the -- I mean, the kind of the reasons which you are declared or the kind of the strengths which you have. Even that provision numbers also, I wanted to hear from your mouth only that such -- like when you have a cushion of INR 1,900 crores. So at this price, would you like to come out within this quarter with any -- do you have any plan for that?

So this quarter, we don't have any plans. We'll be going to the AGM for the approval. First, we'll get the approval of the shareholders. And thereafter, we'll have the right opportune time when the market also supports. That then we will go for the QIP, that time will -- not in the immediate this quarter.

Just last in this round, sir, is -- on the credit front only because as you narrated for the last 3 years, it has been [ year of ] 15%, 17.5% and now 19.5% to 20%. Going forward, I believe that in spite -- even though the targets are very modest, you will be crossing that. So can I just know about the -- our sanction pipeline or what kind of industry or businesses which we have from where we are getting the business. As far as the credit is concerned, I can understand the overall ratio of the name and corporate. But within that, where do you see the scope for increasing further and maintaining this kind of momentum, this kind of a growth in the -- I mean, the credit growth going forward, sir.

See, we have around INR 14,000 crores of pipeline in the corporate segment currently, and we have certain sanctions also already in place. But because of the pricing issue, we are not able to disburse. We don't want credit growth in corporate segment at the cost of margins. So that is the reason we are not growing corporate credit at a -- below our expected price. So that is one. And growth which is coming from, where demand is coming from renewables also, data center also, your smart [ metering ] also. So there are a number of areas where -- from where the growth is coming to us and even the -- even road projects also have started coming a little bit. So a number of areas are there from the growth is coming, and there are many [ sunshine ] sectors where -- but pricing is the biggest challenge where we would not take to compromise before entering into a deal.

[Operator Instructions] The next question is from the line of [ Sumil Choksey ].

Yes, sir. Am I audible?

Yes, yes, please, please, go ahead.

Yes. Firstly, sir, congratulations to you and entire team UCO on a very good set of numbers. Sir, I have a few questions. So I'll just go about them. So firstly, we've seen a good, healthy deposit growth on Q-on-Q basis, around 6%. So how do you view the same growth, sir, going forward because of the -- if there's a slight rebound even in capital markets, do you see this sticky deposit growth staying intact? Sir, secondly, what we've noticed is from -- particularly last quarter to this quarter, our lending split. So I think we've got quite a few larger checks to more AAA rated corporates. I think particularly on the PSU side. So incrementally, sir, how has the yield been on that book? And would you view that if we were to lend more in a AA bracket, would our yield be slightly better? Is that how we are looking at, maintaining the competitive yield while hedging risk? Or how is our view on that? I'll ask these 2, sir, first, then I'll go for to the rest of the questions.

Thank you, [ Sumit ]. First, let me talk about your deposit. See, earlier, we were not focusing on deposits because our CD ratio was quite low. So now we have reached a [ CD ] ratio of around 80%. Our target was 74% to 77%. And that is the reason we focused more on the deposits also. And while focusing on the deposit, we have not stopped chasing CASA. If you look at our CASA, in spite of our deposit growth of 6% in this current quarter -- last quarter, our CASA ratio continued to be in the range of 37 to 38. Rather, it has improved by 74 bps on a Y-o-Y basis. So our focus while raising deposit is on the retail franchise more than the bulk deposit. And going forward also, when we have to support the growth, so deposit concentration will continue to have focus on the retail term deposit and the saving and current. Due to some extent, in our bulk deposit also. Overall, we have a target of bulk deposit to total deposit percentage. So we always continue to monitor and maintain our bulk deposit within that ratio only. So that is on the deposit front. As far as AAA is concerned, if you look at our balance sheet, though this quarter we have increased exposure in the AAA rated and PSU, and same trend was there in the last year also. In between, there was -- demand from the PSUs was at a lower price. So at that time, we were not comfortable in lending to that. So slightly improved pricing was there. So we gave them the credit. So last year also, March '25, around 33% was in AAA rated. Now also it is 33% always. So AA is 29% and now it is 26%. So whenever there is a better opportunity, we will be continuing to lend to AA and A rated accounts also in addition to AAA rated accounts.

Yes. So now if we see in our digital side, we've seen some very good traction, particularly in mBanking, you touched upon it even in your opening comments. Sir, and I think it's very heartening to see. So on this front, any new digital initiatives we are working on, particularly for younger customers who tend to be high-volume transactors on UPI and possibly are new to credit as well? Sir, and secondly, one more question was in retail loans, which products are covered under the others category? I mean it's 25% of your overall retail loans, it's seen a 40% year-on-year growth. So looking at that, can you just elaborate on this? And how is the demand of vehicle loans in the current quarter because that -- again, that book has also seen good traction.

See, so far as the -- one is about digital. You talked about digital. I see, we have revamped our entire digital journey. And last year, we -- on 6th January 2025, we launched our digital project, that is Digital Transformation Project Parivartan. And since then, we have been launching journeys for the -- our customers. Till now 31st journeys -- 31 journeys have already been launched across retail, MSME, agri and liability products. So total INR 25,000 crores of digital business has been booked, of which INR 11,000 crores is advances and INR 14,000 crores is liabilities. For the ease of young customers, I can tell you that digital FDR currently happening in our bank is more than 50% FDs being made digitally by our customers through mobile bank India. More than 50% loan against FDs also happening digitally by our customers. Then our STP journey of our car loan, that has been well accepted, and more than 50% car loans daily are happening through digital journey. MSME journeys, we have launched DST Smart Finance, MSME Smart Finance, that is also very well accepted and a good amount of business is happening in the MSME segment also through the digital journey. For the ease of our young customers, we have revamped our entire UA/UX of our mobile app. And you can see that our mobile app rating continues to be in the range of 4.7 to 4.8 amongst all public and peer private sector banks, which is one of the best ratings I will rate. And on Apple Store, also, it is 4.6. So that clearly tells that our app is well accepted in the market. Further to enhance our reach to our new generation customers, now we are bringing omnichannel experience also. So maybe this year, our omnichannel mobile banking will be available where it will be more interactive, more convenient for our customers. Second is now your digital, you have talked about -- sorry, retail. In retail, the other portfolio is -- it includes our core lending, a small portion is that, and that's not a huge, mainly is gold and staff loans. So gold loan portfolio of that is around INR 5,400 crores. And the growth which we are seeing in the other portfolio is mainly coming from the gold loan portfolio.

Okay. Understood. Sir, one final question.

One more thing -- Sumit, one more thing. More than 2 lakh 50,000 customers have been given loan digitally in last financial year, more than 2 lakh 50,000 customers. They have been sanctioned loan digitally last financial year.

No, sir. Of course, that's great to see because it's reflecting in your mBanking numbers, which I think you'll have put a good slide in the presentation as well. Sir, one final question from my side. Sir, to which external benchmark rate would we have linked our loans? Could you just shed some light on that?

Mainly the repo linked rate, around more than I think 60% -- 65% of our portfolio is linked to repo because if you look at our retail and MSME, that itself is a huge portfolio. So RAM is 65%. So retail on the MSME itself is a good -- around 1 lakh -- 1 lakh -- more than -- I think 68,000 is over retail and 46,000 is our MSME. So both put together is [ 1 lakh ] 16,000 crores. So more than 50% portfolio is in that segment itself. So 65% because in some of the corporates also, they will short-term loans linked to repo rate corporate -- in the corporate book. Though they are sanctioned at MCLR, but they -- short term when they have to take WCDL, they take repo rate.

We will take the next question from the line of [ Rede Choksey ].

Congratulations to team UCO, actually it was a good -- a great set of numbers. Sir, again, I think our performance has been just -- been growing year-on-year, and kudos to the whole team. So a couple of questions. Sir, on our cost-to-income ratio. So we've shown a good decline this year, down from [ 56 99 ] to about [ 52 92 ]. So we've seen us have a significant drop for a second year running. So can you just speak about your initiatives on that front? And just one specific thing, in the last quarter, we've seen a 45 bp increase also. So if you can specifically speak on the cost to income bit first?

So on cost-to-income front, we have taken a lot of initiatives, right, from, I think, last 2, 3 years like working, very closely monitoring our cost-to-income ratio. There are 2 components. One is to control the cost -- controllable cost. Noncontrollable, you can't control, but controllable costs, how can you control? And also, how can you improve your fee-based income? If you look at our fee-based income has been growing on a quarter-on-quarter basis, on a Y-o-Y basis also. For fee-based income, our growth during this financial year is around, I think, 32%? 32% on a quarter basis. And on a Y-o-Y basis, it is 25%. So one is we are working on fee-based income. And second, our control of the cost also, we have been very particular about the budget given to the field, our teams monitor the expenditure against the budget. Various control -- cost control measures have also been implemented. And if you look at our total operating expenses has also come down from the previous quarter to this quarter. So these are the things which we are continuously monitoring. And second thing, if you look at our previous year, our cost income ratio was high. At that time also, our like recovery from the return of accounts was very high. So that was around INR 2,400 crores or INR 2,500 crores. This year, it is around INR 1,300 crores. In spite of that, we are able to reduce our cost-to-income ratio. So every [indiscernible] is being made to improve on income, fee-based income and also to reduce our control level cost. And that these measures will continue in this financial year.

Now if I look at our segmental NPA book, within personal loans, if you see, there's been a slight uptick in this quarter. Any specific reason?

See, I think basically, very small uptick is there. It's not substantial. Against INR 2,700 crores of book, our NPA is only INR 39 crores. Yes, last quarter, it was INR 31 crores, but this, it's INR 39 crores. Maybe because of some reasons, it will be there, but there is no specific reason. It is hardly 1.43% in personal loan book. That's not a [indiscernible] for us.

Sir, now a broader last question, which is, so on the future vision, like your broader vision for the bank for the next few years. So how do we significantly improved the ROAs and our performance last few years, and now we're ending the year somewhere around 0.8%. So what are the steps we are undertaking to build towards a 1% ROE franchise?

To build on ROA, we need to improve our net interest margin. We need to focus on the -- continue to focus on our CASA growth also. And our NI improvement also. So there are a number of parameters where we are working. We need to work on our TW recovery also. So a lot of initiatives are being taken. 98 7 we have reached -- and if you look at -- for last so many quarters, every quarter, there is an improvement in our ROE. So the same trend is expected to continue in the next financial year. And I believe that by end of next financial year, we should be nearing 2.95% to 1% ROE levels.

We -- there is a question in the chat box. How do you see the impact of the ongoing West Asia war in your MSME portfolio? And what percentage of your MSME portfolio covered under CGP SME?

See, in the current scenario, we have not yet seen any major impact currently. If you look at our slippages, they are in tandem with the previous quarter from the MSME [indiscernible], there is no sharp surge in slippages, number one. Number two, if you look at our SMA book also, within the overall SMA book, the SME, SME book, that is also in the same trend as the earlier quarters. So I don't foresee any major impact. There can be some impact, but it's not going to be a very major impact in the next financial year. But to counter those contingencies in case if at all, we have built already INR 341 crores of additional buffer as by way of a provision in our standard book. So that will take care of the requirement going forward. And around 40% of our advances are covered under CGT MSE.

The next question is that what is your total AFS reserves as on FY '26, March 2026?

AFS results. Give me a second. It's minus INR [ 1 40 ] crores. It's minus [ 1 40 ], negative [ 1 40 ].

Okay. The next follow-up question is from the line of Ashok Ajmera.

Sir, I would like to have some of your views or clarity on the treasury operation. Because the treasury has not contributed -- at the time we do the profits or rather it's negative only. But if you look at the segment-wise results, these treasury operations are showing INR 848 crores of profit as compared to INR 557 crores. So in segment wise, is there any -- like some part of the -- other than the treasury things have gone into that? Or -- and how do we see the treasury performing in the now coming financial year, in this current quarter, in the remaining 3 quarters?

See, Ajmeraji, if you talk about treasury, you know that treasury is a play of your yields. So last quarter, yields comped up and it was more than 7% for a long period of time at the quarter and also as a [indiscernible] MT and AFS book also and HFT book also. And that has impacted a little bit, not only to our bank but other banks also. But fortunately, our bank, we had a very slight impact on our P&L because our treasury, I think, got a profit of around INR 130-odd crores last quarter. But this quarter, it was a minus INR 16 crores only. So overall, AFS book, INR 135 crores of the negative impact was MTM was there. And now by the way that the yields are now moved down. So it's ranging in the range of, I think, 6.95 to 6.98. So already, some of the provisions or the losses which were booked in March, they have already been reversed if we take MTM today. And going forward, I think the way the liquidity market is behaving, the way the things are shaping out, once the -- I think a stability in the overall global environment is achieved, I think there will be a good amount of treasury traction in this financial year. Again, it is subject to the global stability in the environment.

Sir, any clarification on this segment-wise figures, numbers, sir?

I'll give you -- I'll give you separately.

Okay. No problem, sir. I'll take it offline, sir.

There is a question in the chat box, what is your total gold loan portfolio as on date, agri and non-agri? And what is the weighted average yield?

The gold loan portfolio in the retail segment is around INR 5,400 crores. And in agri, it is around INR 12,200 crores. So put together, I think, INR 18,000 crores is our total gold loan portfolio as on date. And yield will be around -- I think it should be around 8.5% to 9%. Not having an exact number, but it should be around 8.5% to 9%.

[Operator Instructions] As there is no further question, I hand over the call to MD sir for his opening remark -- or closing remarks.

Thank you. Thank you to all the analysts and investors for taking out time attending the conference call -- earnings call of our UCO Bank for the financial year '25 '26. And so we look forward for your continued support in the next financial year. And whatever guidance we have given, it will be our teams and dev to deliver on the same as we have been delivering for the last 3 years. Thank you very much.

That concludes the UCO Bank Q4 FY '26 Earnings Conference Call. Thank you.